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IRS - Educational Credits
Questions:
Who can claim the Hope Credit?
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Generally, you can claim the Hope Credit if all three of the following requirements are met.
1. You compensate qualified tuition and related expenses of higher background.
2. You pay the tuition and related expenses for an eligible student.
3. The eligible student is any yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.
You cannot claim the Hope Credit if any of the following apply.
* Your file status is married separately.
* You are listed as a dependent within the Exemptions section on another person's excise return (such as your parents'). See Who Can Claim a Dependent's Expenses, later.
* Your modified on the same wavelength gross income can not be above a certain dollar amount. This information is contained by Publication 970, Chapter 2. Modified adjusted gross income is explained after that under Does the Amount of Your Income Affect the Amount of Your Credit.
* You (or your spouse) be a nonresident alien for any part of the duty year and the nonresident alien did not elect to be treated as a resident alien for tax purposes. More information on nonresident alien can be found contained by Publication 519, U.S. Tax Guide for Aliens.
* You claim the Lifetime Learning Credit for the same student surrounded by the same year. This information is found within Publication 970, Chapter 2.
In general, qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible civilizing instititution
Eligible Education Institution. An eligible educational institution is an college, university, vocational university, or other post-secondary educational institution eligible to assist in a student aid program administered by the Department of Education. It includes virtually adjectives accredited, public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The college institution should be able to speak about you if it is an eligible educational institution.
To claim the Hope Credit, the student for whom you recompense qualified tuition and related expenses must be an eligible student. This is a student who meets adjectives of the following requirements.
1. Did not have expenses that be used to figure a Hope Credit contained by any 2 earlier import tax years.
2. Had not completed the first 2 years of postsecondary education (generally, the freshman and sophomore years of college) previously this tax year.
3. Was enrol at least half-time surrounded by a program that leads to a scope, certificate, or other customary educational credential for at least possible one academic length beginning surrounded by the tax year.
4. Was free of any federal or state felony conviction for possessing or distributing a controlled substance as of the shutting of the tax year.
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